Small Business Owners and Insurance
June 30, 2010
To Small Business Owners – Are you insurable- and what you can do about it (Maybe)
You work hard, quite often small business owners sacrifice their health in order to build their wealth, and then end up using the wealth to try and regain their health – quite often to no avail.
Consider another thought.
All people reach a point in life, also known as the line of insurability, where they no longer qualify for any form of insurance. This can be as a result of age, or more commonly as a result of ill health – obesity, or expanding BMI can see many people who while not showing any other signs of ill health not getting insurance, particularly income protection cover.
If you are a business owner, this may present problems, particularly if you have plans to expand – your bank may say to you, if you want to borrow these extra dollars, we need to have some extra life insurance on you – you might also have a spouse not too keen on being left with a large amount of debt when you work yourself into the grave also.
Now as with most things in life – if you are past the line of insurability, not much can be done for you, short of a major makeover to your health regime – and doing this can have amazing results on all facets of your life,.
But if you are a business owner and like most business owners sacrificing your health to build your wealth, then perhaps you need to discuss with your business insurance adviser what options are available to you now to “lock in” your future insurance needs.
Most insurance companies will allow you to be pre-assessed for future cover – that is you are assessed now but you don’t take out the extra cover until you need it. Now this is not something every insurance adviser knows about, only those care as much about your business needs as you do, so find one that does and ask them about how you can take out an option on your future insurability.
Please Note:
This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, you need to consider (with or without the assistance of an adviser) whether this information is appropriate to your needs, objectives and circumstances. This information is provided for persons in Australia only and is not provided for the use of any person who is in any other country.
